October 15, 2024.

For Creamer Media in Johannesburg, I’m Lumkile Nkomfe.

Making headlines:

SIU investigations, recoveries saved govt R8bn

Sacci says business confidence steadily being restored

And, Nigeria's state transmission company restoring power after grid collapse

SIU investigations, recoveries saved govt R8bn

In it 27 years of operation, the Special Investigating Unit has marked its highest ever recovery of R2.28-billion in cash from investigations, litigation and recoveries, as it revealed it saved government from bleeding a staggering R8-billion in the 2023/24 financial year.

The SIU's Annual Report said the organisation prevented the State from losing R2.32-billion and secured cash from acknowledgement of debts and admission of liability agreements to totalling R1.6-billion.

Further, contracts amounting to more than R2.13-billion were set aside, through the courts.

In a statement issued on Tuesday, the SIU said its achievement emphasised the organisation’s commitment to fighting corruption, as it highlighted an unqualified audit outcome for its own finances.

Sacci says business confidence steadily being restored

The South African Chamber of Commerce and Industry's Business Confidence Index averaged 110.9 for the first nine months of this year – a 1.7 index improvement on the average of 109.2 recorded for the corresponding nine months in 2023.

Sacci comments that the slow but steady recovery in the BCI since June bears testimony to the degree of difficulties that mark the business environment and economic performance.

After dipping by 6.9 index points between March and May, the index recovered by 3.7 index points to measure 111.5 in August. However, it declined to 110.2 in September.

Business sentiment was particularly positively swayed by more overseas tourist numbers, increased merchandise export volumes, an improving manufacturing output and lower inflation, Sacci said.

Nigeria's state transmission company restoring power after grid collapse

The Transmission Company of Nigeria says it is working to restore power after blackouts engulfed the country following another collapse of the power grid on Monday night.

Power generation fell to zero and by this morning some plants in the capital Abuja and parts of the commercial city were coming online. Daily average supply has hovered around 4 500 megawatts in recent times until the sixth collapse this year.

Nigeria's grid has shut down due to ageing power infrastructure, vandalism and inadequate gas supply for its thermal plants which accounts for over 75% of output.

That’s a roundup of news making headlines today

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